Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Shares in BA owner boosted by reports of oneworld expansion

Shares in BA owner boosted by reports of oneworld expansion

Shares in British Airways owner International Airlines Group topped the FTSE 100 on Tuesday amid reports that Qatar Airways will become the first Gulf carrier to join oneworld, the alliance of global airlines which counts BA among its members.

IAG (ICAG.L) shares rose by 4.7p or 3% to 159p. The reports have not however been confirmed, with Qatar Airways chief executive officer Akbar Al Baker telling Bloomberg that the airline 'is open to joining any alliance' in the industry.

Tesco (TSCO.L) was among other blue chip risers, ending the day up 5.7p or 1.7% to 336p, ahead of tomorrow’s eagerly awaited half-year results, when investors will look for signs of improvement in the group’s core UK business.

Shares in Wolseley (WOS.L) bounced around all day, before ending 15p or 0.5% lower at 2,668p. The plumbers’ supplier this morning announced plans to raid its cash pile for a special dividend, alongside trading numbers that met expectations.

You can see the day's other risers and fallers on our FTSE home page.

Spanish guessing

Stock markets around the world put in a topsy-turvy showing, with the FTSE 100 ending down 11 points at 5,809. Most other European markets were lower, while in the US – with little major economic data to sway investors – the Dow Jones dropped 0.2% to 13,486, while the S&P 500 was flat at 1,444.

The fate of Spain remains a hot topic, with some support offered to the euro – up 0.5% to $1.296 against a weak dollar – by speculation of an imminent bailout. 

However, Spanish prime minister Mariano Rajoy last night denied that he would seek a bailout this weekend, according to the Spanish press.

Meanwhile, according to Reuters European officials said that Madrid was ready to make a request for aid, but that Germany would prefer the crisis-struck country to hold off for now.

While the guessing game continues over Spain’s plans to request aid, investors are looking to announcements at the conclusion of central bank meetings on Thursday – when both the European Central Bank and Bank of England decide on monetary policy – as well as information on the health of the US labour market from the non-farm payrolls report due on Friday.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter